Best Inventory Management Software for Businesses in India

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Yarab A | Nov-20-2019

Fast, flexible, and accurate inventory management software

TallyPrime is a flexible inventory management software that helps small and medium business to manage optimum level of inventories always. It’s so flexible that it adapts to the way you work. Not just that! The insightful reports help you manage your business better.

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What is inventory management software?

Inventory management software is a software system that helps you to track, control and manage inventories efficiently. By integrating several functions associated with inventories, inventory management software helps you to organize, store, track material movements, consumption, manufacturing, order processing etc.

The key aspect of Inventory management software is to maintain an optimum number of inventories, which ensures uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. In simple words, using an inventory management software, you can maintain the right level inventories at the right time without worry of over/understocking and keep the inventory handling cost at low.

Key features of TallyPrime as an inventory management software

Simplified stock management

Organise your stock by product type, brand, colour, size etc. by creating unlimited stock groups and stock categories. This being a small business inventory management software, you can organize the stock the way you want easily.

Warehouse/location management

Store and track your inventory in real-time by warehouse, racks, lot, bin etc. You can create multiple godowns to store raw materials, finished goods, components etc. at different locations such as warehouse, production floor, showrooms etc.

Manufacturing  

Record the complete cycle of manufacturing right from the receipt of raw materials till the dispatch of finished goods including the details of by-product, co-products, and scrap.

Manage inventory batch-wise and lot-wise

You can store and track inventories by lots, batches etc. along with manufacturing and expiry date management. What’s more? The powerful inventory reports such as batch summary, batch-wise ageing, etc. help you stay on top of inventories.

Invoicing

You can create a professional-looking invoice in seconds and customise it the way it suits your business. You can print your company logo, add or remove the invoice details using the host of invoice configuration and track the receivables easily.

Bill of materials

Define multiple bill of materials (BoM) with a complete list of components, raw materials, assemblies, co-products, by-products, and scrap etc. along with the quantities required to manufacture a finished product.

Accurate inventory reports

Accurate and actionable inventory reports such as stock ageing, movement analysis, re-order level etc helps you manage optimum inventories always.

Job-Work

Record, track and manage material issues, receipts, consumption in the job work process both as principal manufacture and job worker.

Manage stock from/far third party

Manage and track inventories that have been sent or received from the third party, separately from your regular stock, especially in case of job work, consignment sale and similar situations.

Job/project-wise costing

Complete track of cost and revenue in form of specific order costing for all those manufacturing jobs undertaken according to customer requirements and specification.

Online business reports

Securely access your business data anytime, anywhere using a web browser

Benefits of using an inventory management system

  • Easy to manage and track inventories
  • Increase in productivity
  • Accuracy in recording and tracking inventories
  • No worries of understocking and overstocking of inventories
  • Increased customer satisfaction
  • Cost optimization at all level of inventories
  • Get to know the fast-moving and high profitable inventories
  • Help you get rid of the risk of old and expired stock
  • Insights from reports help you in on-time business decisions

Key inventory reports for every small Business

  • Stock Summary - A statement that shows you the details of closing stock along with consumption details.
  • Godown report – A report that shows you the availability of inventories at the different storage locations.
  • Movement analysis report – Tracks and displays the movement of stock for a given period.
  • Stock ageing report – This report keeps track of stock age by classifying it into different ageing intervals.
  • Re-order level – Using this report, you can get to know the shortfall and the ones that require to be replenished.
  • Item-wise profitability report –Using this inventory report, you can get to know the item-wise profitability
  • Order summary – You can track the orders that are placed, pending, completed etc.
  • Stock Transfers – This report shows the details of inventory that transferred across different storage location or godowns.
  • Batch summary (Mfg. and Exp. date) – You can track the batch-wise or lot-wise inventories along with the manufacturing and expiry details.

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Managing stock & inventory in TallyPrime inventory management software

managing inventory in TallyPrime

Inventory Management Software best suited for

Inventory management software is a must for all the businesses who deal with inventories, irrespective of the size of the business. Here is the list of business to whom the inventory management software is best suited.

  • Inventory management for small business
  • Consumer goods inventory management software
  • Inventory management software for retail business
  • Departmental store inventory management software
  • Inventory management software for Manufacturing business
  • Inventory Management software for trading business
  • Wholesale Trading inventory management software
  • Inventory Management software for medical store
  • Inventory management software for suppliers on e-commerce platform

Get Your Inventory Management Software Free Trial Today!

Sign up for a 7-day free trial before you make a decision – we’re sure you’ll fall in love with the product!

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Video Guide - Inventory Management with TallyPrime

Frequently Asked Questions

  • What are the methods of inventory management?

There are different types of inventory management methods such as ABC analysis, Just in time (JIT), Fast, slow, and non-moving (FSN) etc.

  • What is the role of inventory management?

The key role of inventory management is to ensure the right level inventories at the right time and keeping the inventory handling cost at low.

  • What are inventory management tools?
    • Stock ageing tools
    • Re-order level
    • Inventory analysis
    • Inventory valuation
    • Inventory storage (Warehouse, batch, lots)
  • What are the basic components of Inventory Management?
    • Inventory control
    • Inventory optimization
    • Inventory analytics
    • Inventory valuation
  • How to manage inventory efficiently?

Organizing the stock, optimizing the cost, optimum inventory levels, etc. are some of the key things to manage inventory efficiently. This is something easily doable using inventory management software. Read How to become more efficient in Inventory Management to know more.

Read More on Inventory Management

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